USDC Issuer Opposes SEC as Stablecoin Regulator
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Circle Internet Financial, Inc., a company behind the USDC stablecoin, says the US Securities and Exchange Commission (SEC) shouldn't oversight stablecoins as the market seeks regulatory clarity needed to evolve services in the US.

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In a Bloomberg interview, Circle's boss, Jeremy Allaire, suggested it is wrong to grant the SEC permissions to keep control over stablecoin issuers as the government is clearly saying that payment stablecoins are a "payment system and banking regulator activity."

"I don't think the SEC is the regulator for stablecoins. There is a reason why everywhere in the world, including the US, the government is specifically saying payment stablecoins are a payment system and banking regulator activity," he said,

The Boston-based firm reassured clients it hadn't received Wells notice from the SEC amid the drama around Paxos and its stablecoin for the Binance crypto exchange called binance USD (BUSD). Allaire admitted that the SEC's action against Paxos might be justified as "not all stablecoins are created equal."

USDC Issuer Circle Warned NY Watchdog About BUSD in 2022

A few years ago, Circle also received a subpoena from the SEC, requiring documents and information regarding its certain holdings, customer programs and operations. The firm acknowledged the request, but didn't elaborate on details.

As of press time, Circle's USD coin (USDC) is the second-largest stablecoin with over $42.5 billion of market capitalization.

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